Pakistan's Soneri Bank has chosen to utilise software like SAS Anti-Money Laundering and SAS Credit Risk Management for Banking, to help drive in more profitability, SAS announced on 3 March.
SAS is a leading provider of business analytics software and services. SAS Anti-Money Laundering automates the process of detecting, investigating and reporting on irregularities.
According to a statement by SAS, it has agreed to establish a high performance risk framework and achieve compliance with set Basel II requirements for the Pakistani bank.
The Basel II framework seeks to increase financial stability by better aligning a bank's regulatory capital to actual risks.
The use of SAS software, which is part of the bank's move to effectively manage enterprise risk and strengthen its efforts to address financial fraud, is also expected to help the bank improve its ratings and lower finance costs, the analytics company said.
Soneri Bank has integrated SAS for Enterprise Risk Management into its risk management procedures, which had previously been separated from the business lines.
"Soneri Bank has constantly maintained a strong commitment towards being able to adapt to the emerging trends and technologies in the financial segment," said Amin Feerasta, Country Credit Head, Soneri Bank. "In line with this, we have chosen to partner with SAS, a known industry leader in business analytics software. Utilising SAS software will not only help us achieve our vision to become one of the region's leading financial institutions but will also help us keep true to our promise of meeting the banking needs of our customers."
"We have chosen SAS for its proven solution expertise, major presence across more than 3,100 financial institutions from around the world and its local reputation for a highly customised solution," said Haider Devjianie, CIO, Soneri Bank.